NEW YORK (AP) — Tackling money goals one at a time cost financial literacy expert Barbara O’Neill at least $1 million. That’s how much O’Neill, a distinguished professor at Rutgers University, figures she lost by…

NEW YORK (AP) — Tackling money goals one at a time cost financial literacy expert Barbara O’Neill at least $1 million.

That’s how much O’Neill, a distinguished professor at Rutgers University, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

“I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could’ve had $2 million,” O’Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: “As soon as I pay off my credit card debt, then I’ll start saving for a home,” or, “As soon as I pay off my student loan debt, then I’ll start saving for retirement.”

These folks don’t realize how costly the words “as soon as” can be. Paying off debt is a worthy goal, but it shouldn’t come at the expense of other goals, particularly saving for retirement. Company matches and tax breaks are not retroactive. And the sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

“By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic,” says Kimberly Zimmerman Rand , an accredited financial counselor and principal at Dragonfly Financial Solutions in Boston. “If you can start saving today … you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four.”

WHY PEOPLE TACKLE ONE GOAL AT A TIME

The desire to laser-focus on one goal at a time is understandable, says financial coach Linda Matthew . People see faster results if they put every spare dollar toward paying down debt, for example.

But much of life requires multitasking, and money is no different, she says.

“I’ve got to take care of the kids, and stay in a relationship with my husband, and keep the house clean, and earn some money,” says Matthew, an accredited financial counselor and owner of Money Mindful, a financial coaching service based in Davis, California. “I can’t get into a relationship with my husband after I finish raising the kids; that’s called divorce.”

Busy lives make it tempting to try to focus on one goal at a time, Rand says. People may pay the most attention to their most immediate need or something that is causing them pain, ignoring the rest of their financial life.

“As soon as” thinking can delay progress on any financial goal, Matthew adds. One woman told her the reason her family hadn’t saved was that they planned to start as soon as they had extra money, and they never did.

“You can’t wait for that,” Matthew says.

HOW TO MULTITASK

Financial experts recommend starting and maintaining a regular savings habit, even if it’s only $5 a week.

“I work with very low-income consumers, and I think most people can do this,” Rand says. “And then once your hours start to get more regular, maybe you’ve got a better job, now you can boost that amount.”

Rand also is a fan of making transfers automatic whenever possible.

“Setting it and forgetting it is actually a good thing when it comes to savings because then you don’t have to make that active decision every month,” she says.

O’Neill, who’s co-writing a research paper called “‘As Soon As’ Finances: A Study of Financial Decision-Making,” suggests dividing savings among different “buckets”: one for retirement, one for emergency funds, perhaps one for a home down payment. At the same time, target high-interest debt, such as credit card bills.

Once the system is in place, stick with it, O’Neill says. If a goal is achieved, or an expense such as an auto payment or child care ends, redirect that money to one of the other goals.

“You’re already used to paying that child care or whatever, and it’ll just fund everything a lot faster,” O’Neill says.

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This column was provided to The Associated Press by the personal finance website NerdWallet.